Premarket 8-10-05

Good Morning

Overseas market were strong especially in Asia. Europe also had some solid earnings. Oil hit a new high overnight. Futures have been up all morning but have a lagging feel to them.

The CSCO guidance was definitely a disappointment for the Bulls last night. It will be interesting to see if the NAZZ can shake off the weak CSCO report. It will be more interesting to see if CSCO can shake off the weak CSCO report. The Bulls are a stubborn bunch and will attempt to move the market higher but we just don't think they have much juice. News flow is now light and many market participants have their minds elsewhere.

We expect that any strength will be met with short selling, not terribly aggressive initially, but the Bears will pick up steam as the market approaches the underside of the uptrend line (around NAZZ 2190). Therefore, we will maintain our cautious stance. If we were to trade from the long-side it would be small and quick.

Good luck today and try not to fall asleep.

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